I Can’t Afford My Home

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Homeownership is quickly becoming an impossible dream for so many, and today we’re breaking down why this is happening. From skyrocketing property taxes and insurance rates to maintenance costs and the rising value of renting, it’s clear the current housing market is pushing people to their limits. I'll also dive into shocking examples like Missouri's storm damage crisis, California's insane real estate taxes, and the struggles with insurance companies and utility costs. It’s no wonder many are opting out of buying altogether.

On top of that, we’re seeing banks release inventory slowly, but experts predict a decline in real estate prices. Is this the correction we’ve been waiting for, or just more chaos? Let me know your thoughts—can YOU still afford to own a home?

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Dan @ iAllegedly
PO Box 564
Tustin, CA 92781

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And as always, please be kind to everyone. Onward and Upward.

All the best,

Dan

[IAllegedly]

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Call 888-330-1431 Today

[sandrayarnell]

My 91 year old Dad told me to sell my house and rent. He was the President of a bank for years and then became a real-estate agent before he retired. I told him that I cant afford the monthly rent payments in my area. My sons rent goes up on a regular basis. Rent is being raised to cover the owner's insurance and land taxes. In my personal opinion whether you rent or own a house, inflation is hurting all of us!

[NoMoreLibs]

Our insurance went from $1400 a year to nearly $4000 - in MO. I built our house with cash, we live with no insurance, it sort of sucks but what can you do. I live in the woods, not the burbs or city so it's a little easier. Gotta have the right mindset to keep your house out of Blackrock's hands.

[American_Values]

Home insurance companies are not your friend. You pay your premiums, and when you need them to pay legitimate claims, they try to lowball or deny your claims.

[deborahabc]

I enjoy owning my 1300 sq ft home free and clear. It enabled me to retire. I rented all my life but grew tired of rent increases and bought a house in 2014.

[larryberry]

Homeowners insurance increased 23%, no claims, no fires in the area, no storms, no floods.

[daviddevey]

Dan, you are smart, hard working, a blessing to us all. Much appreciation and love from all your subscribers. —David & Jill

[DeliverMeFromEvil-]

My little house in NW Arkansas has quadrupled in on paper value which raises the taxes and insurance. I have a 30 year fixed mortgage at 2 percent and now the taxes and insurance are more than the principal and intrest. Same problem happening in Missouri for long time residents...the taxes and insurance is forcing people to sell. Fortunately we have our taxes " frozen " in place and they will never go up due to our age. I would encourage all of you to look into getting this benefit if your state offers it... we have incresed our deductible to keep the insurance affordable... you have to work the system . Keep up the good work Dan love your podcast.

[lizadivine]

Where I live, Midwest a one room studio is going for $1500 a month. And I would like to ask re: insurance companies….how much do their ceos make per year and how big are their additional year end bonuses? When people can’t afford a home or to rent that will make them HOMELESS. Starting to smell like it’s all intentional. A new war is going on against the people from within. It’s fiscal.

[pumpupjam]

Same here. Taxes jumped by 37 percent. Taxes on food, drinks, tires, cars, trucks, home ins, car ins, property taxes, electric and gas bills etc. Only safe place and paid for is my car. More investors are buying and renting out. Investors getting HUD in the neighborhoods. Crime has sored! To fix this system it will need an act of God.

[azplanner]

When I had received an inheritance, I did a mortgage recast which cut my required monthly payment by more than half. I wanted to safeguard our ability to keep our home in case one of us were to get laid off. We have that payment automatically deducted each pay period and I make extra payments on the principal each week. We have just a few months left. That recast was the best thing we ever did, just for the peace of mind alone.

[zbtghit]

Property taxes need to be based on whatever the purchase price was. Can’t keep raising homeowners taxes based upon market appreciation

[ruthmwagner]

BEAUTIFUL Newport Beach!! Thank you, DAN, sharing such beauty. 🙌🥰

[edwardsteinmetz-glzl]

For the algorithm. Never buy the payment, buy the price. Payments never stay the same.

[JonMurman]

' The best deals in our lives are the deals that don't go through ' put that statement in BRONZE. WOW how truthful and accurate

[DonnaSattley]

I'm in Missouri and we have had so many bad storms this spring!
I checked and my homeowners was $2100 in 2017. It just went up to $7200 this year! I'm a senior on a fixed income and this can't keep going like this! I've owned my house for 25 years.

[davidyates]

Many of our counties in Missouri do NOT have Planning & Zoning.
As a result, many people are moving or putting a mobile home on the property.
WHY because the mobile home is not a PERMANENT STRUCTURE.
A stick built home will cost $3-4/foot for property tax. For a 2000 square foot home your property tax annually is $6, 000-$8, 000.
A 2000 square foot mobile home on a one acre lot will cost $300-$500 per year in property tax.

[specex]

Over $1200 a month just for property tax, home insurance, and utilities.... after living in the same home for over 30 years. Apparently I'm one of the lucky ones. Geez!

[bookmagicroe]

They say that inflation is going down. Not at my grocery store. Maintaining a home is getting
more expensive. Two years ago I had my asphalt driveway sealcoated for $350. Today the
best quote I could get was $750. A board on my deck has rotted and needs to be replaced.
The cost has more than doubled. This winter I paid $550 for a snow removal contract.
They only came twice: they only come when it snows more than 2 inches, and we had
numerous snows of 1 inch plus ice on top. I could go

[kurtleo]

One major factor in the housing crisis that’s often overlooked is that investors—rather than homebuyers looking for primary residences—are now snapping up more than a quarter of new homes. Even if Baby Boomers decide to sell their properties, or more homes come onto the market, the core issue won’t just go away. The reality is that affluent investors will continue to buy up these homes, keeping prices high. It’s a supply-demand imbalance that’s tough to fix when the buyers have deep pockets and long-term strategies.